Inheritance tax – the attached article reports on the US attitude towards it as a measure of economic equalisation. Interestingly, Australia is one of 15 of the 40 OECD countries that do not have an inheritance tax. In 1977 Queensland was the first Australian state to abolish estate and gift duties. It is credited as being a significant factor in the development of the Gold Coast (my home town). One study identified that in 1977 $11 million in capital was transferred from Tasmania to Queensland as a direct result of the abolition of death duties. Each of the other states and territories soon followed. The US has one of the highest estate taxes in the world and it seems other countries are doing what Qld did, abolish those taxes to attract investment. Since the year 2000, thirteen Countries/Jurisdictions have repealed their inheritance tax. Maybe this trend will force the issue?
PS…Did you find yourself singing along and embracing your inner ABBA?:-)
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